Monday, August 8, 2011

Two beers and a drop of 600 points in the market later!

If you haven't seen Inside Job yet, go rent it, pay 5 bucks for it on demand....see it immediately.

Basically the point of this blog is to bring up how rating agencies, specifically standard and poor's, dropped the *&^%ing ball when it came to the banks on the verge of clapse and the buying up of junk mortgages.  All those banks that went bankrupt, were bought out, or received a ridiculous amount of government bailout money had AAA ratings just days or hours before they filed chapter 11.  How did our rating agencies screw up that badly?  They suck that is how.

Why didn't our government prosecute our rating agencies for....i don't know...accurately rating our banks.  you know ....their jobs.   And now Standard and Poors downgraded the US GOV to a AA+ rating, sending our stockmarket into the dumps again.  As big a drop as in 2008.... once again you screwed us standard and poor.  Thank you very little.